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Truck Transport Market Growth Prospects By The Business Research Company
The global truck transport market growth is expected to go from $1,663.34 billion in 2021 to $1,833.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The truck transportation market size is expected to then grow to $2,594.36 billion in 2026 at a CAGR of 9.1%.
Asia Pacific sees the largest truck transport market demand, with the region accounting for 30.8% of the total market in 2021. It was followed by North America , and then the other regions. Going forward, the fastest-growing regions in the truck transport market will be the Middle East and Africa , where growth will be at CAGRs of 14.2% and 11.7% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 10.5% and 9.5% respectively.
Increasing investments in truck transportation in end-use industries will drive the growth of the truck transportation market in the forecast period. The investments in food and beverage, oil and gas, mining, energy, and other logistic industries will increase their reach towards the customer by their transportation services.
Trucking platooning is gaining traction in the truck transport market as it improves transit safety and efficiency. Truck platooning is the process of linking two or more trucks or a fleet of vehicles using connected and automotive technology in braking and acceleration while maintaining a pre-set distance between each other. Under this process, the truck leading the fleet is generally a regular truck with a driver, followed by the automated or semi-automated 'platoon'. The truck platooning technique provides various benefits, such as reduction in carbon emissions.
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The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
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